HUAXIN CEMENT(SH:600801) Guotai Junan Securities·2025-03-28 12:40Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 17.67 CNY, while the current price is 12.97 CNY [5][11]. Core Views - The company's 2024 annual report meets expectations, with domestic cement sales declining year-on-year but offset by strong overseas growth. Both domestic and international cement profitability are on a recovery path [2][11]. - The company achieved a revenue of 34.217 billion CNY in 2024, a year-on-year increase of 1.36%, and a net profit attributable to the parent company of 2.416 billion CNY, a decrease of 12.5% [11]. Financial Summary - Revenue: - 2023A: 33,757 million CNY - 2024A: 34,217 million CNY (+1.4%) - 2025E: 35,375 million CNY (+3.4%) - 2026E: 38,445 million CNY (+8.7%) - 2027E: 40,458 million CNY (+5.2%) [4][13] - Net Profit (attributable to parent): - 2023A: 2,762 million CNY - 2024A: 2,416 million CNY (-12.5%) - 2025E: 3,047 million CNY (+26.1%) - 2026E: 3,527 million CNY (+15.7%) - 2027E: 3,875 million CNY (+9.9%) [4][13] - Earnings Per Share (EPS): - 2023A: 1.33 CNY - 2024A: 1.16 CNY - 2025E: 1.47 CNY - 2026E: 1.70 CNY - 2027E: 1.86 CNY [4][13] - Return on Equity (ROE): - 2023A: 9.5% - 2024A: 8.0% - 2025E: 9.5% - 2026E: 10.4% - 2027E: 10.8% [4][13] Market Data - The company's market capitalization is 26,965 million CNY, with a total share capital of 2,079 million shares [6]. - The stock has traded within a range of 10.10 to 15.87 CNY over the past 52 weeks [6]. Industry Insights - The company’s cement and clinker sales for 2024 are projected at 60.27 million tons, a year-on-year decrease of 3%, while overseas sales are expected to reach 16.20 million tons, a year-on-year increase of 38% [11]. - The report highlights that the company is experiencing a recovery in profitability, with a projected average price of 312 CNY per ton for cement in 2024 and a gross profit of 73 CNY per ton [11].